We understand the importance of allowing you to focus on your business without the added stress of tax preparation. With our fixed, competitive pricing, you can have peace of mind knowing that your self assessment tax return will be handled efficiently and accurately.
We aim to provide you with a hassle-free experience, so you can continue running your business smoothly. Our dedicated team is committed to delivering exceptional service, ensuring that your self assessment tax return is completed on time and in compliance with all regulations. Let us take care of your self employment tax needs, so you can concentrate on what you do best – growing your business.
It is true that the majority of taxpayers are employed and their income tax is deducted at source through the PAYE scheme, which ensures a seamless process. However, if you are not covered under PAYE or earn income exceeding specific thresholds outside of employment, you may be obligated to complete a self assessment tax return.
This allows individuals to accurately report their income and claim any applicable deductions or credits. It is important to fulfill this requirement as it contributes to maintaining a fair and transparent tax system. Should you require further assistance paying tax, or guidance regarding self assessment, please do not hesitate to seek professional advice.
Can you file a self assessment return online?
Paper self assessment tax returns are still available, allowing taxpayers to download Form SA100 from the official government website, gov.uk. However, there is a growing trend towards filing self assessment tax return online. To file online, individuals must either register for self assessment or sign in to their existing self assessment account. This can be done through the secure government portal.
Filing online offers several advantages, including a simplified process with built-in calculations and prompts, instant acknowledgement of receipt, and extended deadlines for submission and payment. Online filing also facilitates faster processing and quicker refunds, making it an increasingly popular choice for taxpayers.
Self Assessment for company directors
Directors play a crucial role not only in company tax reporting but also in personal taxation through Self Assessment. In addition to their company responsibilities, directors must provide comprehensive information about their income streams, which may include salary, dividends, and benefits in kind. These details must be accurately reported to HMRC through self assessment tax return. To ensure maximum tax efficiency, directors can seek guidance from our expert team. Our team can assist directors in completing their self assessment tax return with utmost precision, minimizing tax liabilities while adhering to all necessary legal requirements.
Self Assessment for business partnerships
Partnerships in the UK need to be registered with HMRC for Self Assessment. The responsibility for this lies with the nominated partner in the partnership. It is crucial to note that unlike limited companies, partnerships themselves are not subjected to taxation. Instead, the individual partners are personally liable for their share of tax obligations.
Self Assessment for Property Income
Rental income from property needs to be declared on your Self Assessment tax return if it falls within certain thresholds. If your rental income, after allowable expenses, is between £2,500 and £9,999, or if it is £10,000 or more before allowable expenses, you are required to report it. It is important to be aware that there is a tax-free allowance of £1,000 on income from property.
Additionally, if you are selling a property that is not your main residence, you may be liable to pay Capital Gains Tax. At SocialBee, we specialize in providing comprehensive accounting advice for landlords and buy-to-let properties. Our expertise can help you optimize your tax position when it comes to rental income from property.
Self Assessment for Investors
If you receive an annual income of over £10,000 from savings, investments, pension contributions, and share dividends, it is important to declare this income on your Self Assessment return. Income from savings is subject to taxation once it exceeds your savings allowance, which falls under your personal allowance and is taxed at your marginal rate. Dividends, on the other hand, are taxed in different bands. To ensure that your tax returns and allowances are correctly reported, it is crucial to seek assistance or guidance from professionals who can help you navigate through the complexities of the tax system.
Self Assessment for high earners
If an individual is self employed, and their income exceeds £100,000, they are obliged to complete a Self-Assessment (SA) tax return. This requirement does not typically apply to the majority of employed individuals.
What are self assessment deadlines?
The deadlines for filing self assessment tax returns vary depending on the method chosen. For paper returns, the deadline is October 31st of the year following the tax year end. However, for online returns, the deadline is extended to January 31st of the following year.
It is important to adhere to these deadlines and pay tax due to avoid late filing penalties. Late returns can attract a fine starting at £100 if filed just a day late. If the return is over 6 months late, the penalty can increase to £1000 or more, along with additional costs. It is crucial to submit tax returns on time to avoid unnecessary fines.
Self Assessment if you sell online
When it comes to online trading on platforms like Amazon, eBay, and Etsy, it is important to understand which sales need to be declared for self-assessment. The key factor to consider is whether you are running a business online. If you are only occasionally selling unwanted items, there may be no need to declare the income from those sales.
However, if you are consistently buying goods to sell at a profit or engaging in frequent and regular sales online for other income, HMRC is more likely to view it as a business and require you to declare the income. It is essential to assess your online trading activities accurately to comply with tax regulations.